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Northern Powerhouse European Union

‘Energy Bitcoin’ creator partners with Network Rail

Bolton-based Energi Mine, which has developed a Bitcoin-like currency to reward energy saving behaviour, is set to trial its platform with Network Rail employees.

Bolton-based Energi Mine, which has developed a Bitcoin-like currency to reward energy saving behaviour, is set to trial its platform with Network Rail employees.

Energi Mine’s ‘Energi Token’ digital currency can be used by organisations to reward energy saving behaviour.

The tokens will have a cash value so they can be sold by the owner online like Bitcoin, but crucially they will also be able to be used directly for energy services such as paying bills or using electric vehicle charge points.

First pilot

After successfully raising £12 million in an initial pre-sale of the tokens in February, Energi Mine has now partnered with the Energy Managers Association (EMA) and Network Rail for a proof of concept trial.

The three month pilot will see Network Rail employees rewarded for actions such as taking low carbon transport to work, saving energy in the workplace, and buying energy efficient appliances. 

Employees will automatically receive their tokens via energy saving data from smart meters or transport software. 

Long term vision 

Speaking to cryptocurrency website CoinJournal, chief executive of the EMA, Lord Redesdale, said that engaging employees was vital for businesses to save energy.

“We estimate companies can save an impressive 40 percent of their energy through changing the way their employees use energy. The use of tokens will mean that employees can be incentivised to keep saving energy.”

Omar Rahmin, chief executive of Energi Mine said: “Until now there has been no incentive to save energy. Ultimately we want to change the behaviour of individuals for the long term.”